Financial Pros Expect Weak Job Market into 2011

The U.S. economy may no longer be stuck in first gear, but most financial professionals don't think we'll see sustained growth until the second half of 2010, according to a new survey.

Factors that industry executives think could slow the economic recovery include slack consumer demand, increasing health care costs, high unemployment, limited availability of corporate credit and the rising federal budget deficit, found the Association for Financial Professionals. Other areas of concern include the value of the dollar and the surge in home and commercial property owners defaulting on their mortgages.

For industry folks, that adds up to a weak job market for a long time to come. The survey shows that most financial company employees don't expect significant hiring to begin until well into 2011.

Still, the job bloodbath may be over -- 47 percent of respondents to the survey expect financial companies to at least maintain payrolls at current levels through 2010. Some 27 percent think payrolls will shrink, while 26 percent expect hiring to pick up. But most don't expect the industry to start producing jobs until the second half of 2010, the group found.

Chart courtesy of the Association for Financial Professionals.